ATLANTA-Houston-based REIT Weingarten Realty Investors has acquired five retail properties totaling more than 900,000 sf for $183 million. Four of the properties are located in Atlanta and one is in Sanford, FL.
The properties acquired here were the 375,000-sf Brookwood Marketplace, the 230,000-sf Camp Creek Phase II, the 330,000-sf Lakeside Marketplace and the 70,000-sf Publix at Princeton Lakes. The property acquired in Sanford was the 550,000-sf MarketPlace at Seminole Towne Center. Brookwood Marketplace is 96.4% occupied, Camp Creek Phase II is 99.2% occupied, Lakeside Marketplace is 100% occupied, Publix at Princeton Lakes is 100% and MarketPlace at Seminole Towne Center is 99.3% occupied.
The properties are all new construction and anchored by a variety of large national retailers, such as Home Depot, Circuit City, OfficeMax, Marshalls, Ross Dress for Less, Publix, Linens 'n Things and Petco. The properties complement the company's current holdings and will be managed through the company's regional offices in Atlanta and Orlando.
"The dominance of national credit tenants, long-term maturities and high occupancy rates combined with the fact that the properties are all located in growing markets with very strong demographics make this a very attractive acquisition," says Weingarten president and CEO Drew Alexander. "We continue to execute on our strategy of strengthening the company's portfolio with attractive acquisitions that will provide strong future growth."
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